Leela sale row: ITC seeks waiver of minimum shareholding norm
Updated : June 19, 2019 06:36 AM IST
The ITC counsel told the tribunal comprising VP Singh and R Duraisamy that as of now they hold only 8.72 percent in Hotel Leelaventure, which Canadian private equity fund Brookfield has agreed to take over for Rs 3,950 crore but that was because a part of its shareholding was converted into equity after the banks sold their loans to JM Financial ARC, which did the debt-equity conversion.
The Company Act provisions recongnise only those with 10 percent or more non-promoters as minority shareholders.
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